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Chapter $2$ Homework Assignment

$($a$)$ On the basis of this data, answer the following questions.

$(1)$ What was the balance in Work in Process Inventory on January $1$ if this was the only unfinished job?

Balance in Work in Process Inventory on January $1$ &

$(2)$ If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? $($Round answers to

Odecimal places, e$.$s$.55\%.)$

$($b$)$ Prepare summary entries at January $31$ to record the current year's transactions pertaining to Job No$.92.($List all debit entries

before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$